Emission Impossible?

CORBIS

American smokestacks: Not helping the global-warming situation

Tucked away in a corner of cantor Fitzgerald's London offices, beyond the sea of bond traders, four people are trying to help save the planet — and turn a nice profit along the way. They are the European staff of CO2e, a top player in the emerging global market in greenhouse-gas emissions. Owned by Cantor, the global financial- services firm, and its Japanese junior partner Mitsui & Co., CO2e's goal is to help mitigate the effects of global warming by buying and selling carbon dioxide emissions allowances. Each allowance unit gives its holder the right to emit one metric ton...

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